Fund managers and electronic traders for the first time account for more than half the $5.3 trillion- a-day currency market as regulators investigate at least 11 dealers for alleged collusion on benchmark rates.
Canada’s dollar fell for a third week as central-bank Governor Stephen Poloz’s signal that interest rates may stay lower longer contrasted with a Federal Reserve that may let borrowing costs rise by trimming its bond-buying.
The Canadian dollar appreciated for the first time in five days, rising from a more than three-year low, amid speculation employment growth may suggest stronger economic improvement than the Bank of Canada indicated.
Deutsche Bank AG, Europe’s biggest investment bank by revenue, barred multi-party chat rooms at its fixed-income and currency trading businesses as regulators continued punishing banks for alleged rate-rigging.
UBS AG, Switzerland’s biggest bank, and Britain’s Barclays Plc escaped $4.3 billion in European Union antitrust penalties, vindicating their strategy to reveal to the watchdog collusion to rig benchmark interest rates.
Nordea Bank AB, the Nordic region’s largest bank, will open a full-scale currency and money markets desk in Singapore to offer clients trading around the clock as it expands services for customers with operations in Asia.